Question

A firm characterized as a price taker Question 1 options: has control over the price it pays, or receives, in the market. sets the price for the market. has no control over the price it pays, or receives, in the market. is not a characteristic of a perfectly competitive market. takes the price that is determined from the lowest price consumers are willing to pay for an item.

Answer 1

A firm characterized as a price taker takes the price that is determined from the lowest price consumers are willing to pay for an item.

Step-by-step explanation:

A price taker is a perfectly competitive firm because it can compete with the price that is determined from the lowest price consumers are willing to pay. The competing firms force the price taker to accept the equilibrium price in the market.